3 Key Business Lessons We've Learned Over 10 Years

Did you know that more than 50% of new businesses fail within the first 5 years?

It gets even worse in years 6-10.

We’ve had Teach Better for 10 years now. That’s crazy to me. Has it been smooth sailing for the nearly decade we've been trying to figure this thing out? Hell no. It's been a crazy ride with more twists and turns than we could have ever expected.

But, we're still here after 10 years. That puts us in a category with a very small percentage of businesses.

Before I go any further, I have never, and will absolutely never, claim to be an expert in business (or anything for that matter), but we have learned a few key lessons over the years, and I wanted to share just 3 of them with you here.

So here are 3 things I would share with anyone starting a business today.

1. Know your numbers & focus on cash flow.

We are a self-funded company. Bootstrapped since day one. We started with less than $500. We are not working to position ourselves for investors or to go public.

What I've realized is that most of the typical accounting things people talk about are simply not that crucial to your business until and unless you have investors or are looking to sell your company.

I look at 3 numbers every day:

• How much money is coming in (where is it coming from, and when will it come in)
• How much is going out (where, when, and why)
• When do we run out of cash?

Every decision should include looking at these numbers. If you know those 3 things, and focus on them, all the other numbers will usually be where you want them.

Your company valuation doesn't mean much if you don't have enough money to make it to the day someone will invest in you. And a balance sheet won’t help if you don’t know what money is coming in or when it goes out.

Simplify your numbers and focus on the ones that matter right now.

2. Listen to your business & those you serve.

We’ve tried to only create new products/services when our community asked for them. We’re focused on scaling only when the business demands it. We work hard to learn the lyrics of our community so we can better serve them. (See Pat Flynn ’s “Superfans” for more on learning the lyrics)

We've also cut things, changed ideas, and said no to a lot of shiny objects because they did not align with what our community was telling us they needed.

3. Focus on the mission, not the product/service.

So many things can impact your business, how you survive, and what your work looks like. Don't get tied to a product, service, or way in which you operate.

Focus on your mission. How you get there will change. Be flexible and be ready to adjust.

Never Stop Learning

There are a million other things we’ve learned, re-learned, forgotten, and then learned again, but these are 3 of the most important, in my opinion. I’d love to hear what you’ve learned, what you’re focused on. Comment and let us know. And, of course, comment with any questions as well.

I hope this helps.

P.S. If you found value in this article, consider subscribing to the EDUcreator Club Newsletter for weekly stories, ideas, and content for entrepreneurs and creators. Subscribe at teachbetter.com/educreatornewsletter